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How can financial services providers promote social impact?

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Financial services providers have a unique opportunity to create positive social impact through their products, services, and operations. By aligning their business goals with environmental and social objectives, they can not only enhance their reputation and customer loyalty, but also contribute to solving some of the most pressing global challenges. In this article, we will explore some of the ways that financial services providers can promote social impact and the benefits they can gain from doing so.

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Olga Miler

Innovator & Fintech Entrepreneur | Top 40 Fintech Voices Worldwide I Top 100 Woman in Business | -> Follow for Trend…
Harold Todd Race

Versatile and accomplished UX-focused technical writer with 15 years of experience in editorial content development…

1 Social impact investing

One of the most direct ways that financial services providers can promote social impact is by offering or facilitating investments that generate both financial and social returns. Social impact investing can take various forms, such as microfinance, green bonds, social venture capital, or impact funds. These investments can support a range of causes, such as poverty alleviation, environmental protection, education, health, or gender equality. By providing capital and expertise to social enterprises, nonprofits, or communities, financial services providers can help create sustainable and scalable solutions for social problems.

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Harold Todd Race

Versatile and accomplished UX-focused technical writer with 15 years of experience in editorial content development, digital UX writing, and technical documentation with extensive expertise in financial services.
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The chief way for financial service providers to promote social impact is by considering more than just the financial return into consideration when looking at providing financial services. Social impact can be offered in small ways as well as big ways. A wider scope of consideration is often required when seeking to offer a wider scope of impact. The historical impact of neglect in many communities is going to influence the thinking of those attempting to effect real change in their community. This means that financial service providers are going to have to reach beyond their usual circles of influence to begin to address the historical issues that affect these communities. But effort and mutual understanding make real change possible.

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Olga Miler

Innovator & Fintech Entrepreneur | Top 40 Fintech Voices Worldwide I Top 100 Woman in Business | -> Follow for Trend Insights & Smart Money Tips??
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Transparency of how these products have been made and what is in them us key. How else should customers know? Avoid greenwashing at all costs, just because something has been excluded does not make your solution sustainable.

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2 Responsible lending and insurance

Another way that financial services providers can promote social impact is by adopting responsible lending and insurance practices that consider the environmental and social risks and opportunities of their clients and products. Responsible lending and insurance can involve screening and monitoring the environmental and social performance of borrowers and insurers, applying environmental and social standards and criteria, offering incentives or discounts for green or social projects, or providing financial education and advice to customers. By doing so, financial services providers can not only reduce their own exposure to environmental and social risks, but also encourage their clients to adopt more sustainable and inclusive practices.

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Olga Miler

Innovator & Fintech Entrepreneur | Top 40 Fintech Voices Worldwide I Top 100 Woman in Business | -> Follow for Trend Insights & Smart Money Tips??
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We would move the needle a lot if lending decisions included thorough sustainability and governance analysis and if companies being less sustainable would eg pay a lending premium for their capital. There are initiatives underway to increase these practices.

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3 Financial inclusion and literacy

A third way that financial services providers can promote social impact is by expanding financial inclusion and literacy among underserved or marginalized groups, such as low-income households, women, youth, or rural populations. Financial inclusion and literacy can enable these groups to access and use financial products and services that meet their needs and preferences, such as savings, payments, credit, insurance, or pensions. By providing financial inclusion and literacy, financial services providers can not only tap into new markets and customers, but also improve the well-being and empowerment of these groups.

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4 Environmental and social governance

A fourth way that financial services providers can promote social impact is by improving their own environmental and social governance (ESG) practices and reporting. ESG practices and reporting can involve measuring and disclosing the environmental and social impacts of their operations, such as carbon emissions, energy consumption, waste management, diversity, human rights, or community engagement. By improving their ESG practices and reporting, financial services providers can not only enhance their transparency and accountability, but also attract and retain investors, employees, and customers who value environmental and social responsibility.

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5 Innovation and collaboration

A fifth way that financial services providers can promote social impact is by fostering innovation and collaboration within and across sectors. Innovation and collaboration can involve developing new products, services, or business models that address environmental and social challenges or opportunities, such as digital platforms, mobile banking, blockchain, or fintech. Innovation and collaboration can also involve partnering with other stakeholders, such as governments, NGOs, academia, or media, to share knowledge, resources, or networks. By fostering innovation and collaboration, financial services providers can not only gain a competitive edge and access new markets, but also create shared value and collective impact for society.

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6 The benefits of promoting social impact

Financial services providers have the potential to promote social impact through their core business activities, which can not only fulfill their social and environmental obligations, but also create multiple benefits. These benefits include enhancing reputation and brand value, building customer loyalty and satisfaction, increasing investor confidence and returns, reducing costs and risks, improving employee engagement and retention, driving innovation and growth, and contributing to the Sustainable Development Goals. Therefore, promoting social impact is not only a moral duty, but also a strategic opportunity for financial services providers. By aligning their business goals with environmental and social objectives, they can create positive change for themselves and the world.

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Harold Todd Race

Versatile and accomplished UX-focused technical writer with 15 years of experience in editorial content development, digital UX writing, and technical documentation with extensive expertise in financial services.
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Promoting social impact has a positive impact both on the community where the effort is being made and on the service provider stepping forward and making the effort. This impact comes from being first to market within these communities. Historically, marginalized communities have been neglected by many sectors. This problem has grown as the institutions themselves have grown, consolidated and shrunk their physical footprint. As this consolidation deepens, contact with local communities often suffers, and contact is lost. Established businesses are already plugged into financial infrastructure and are able to access the assistance they require to function and grow. Innovative ways to match that in marginalized communities are needed.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can financial services providers promote social impact?

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1 Social impact investing

2 Responsible lending and insurance

3 Financial inclusion and literacy

4 Environmental and social governance

5 Innovation and collaboration

6 The benefits of promoting social impact

7 Here’s what else to consider

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